17th August 2012 | Posted by: Daniel Birkett | Industry News

A new report by the Low Carbon Innovation Co-ordination Group  (LCICG) has suggested that the UK could capture 15% of the global marine renewable energy sector by 2050 - which could be worth up to £4bn to the country's economy, Click Green has written. If this energy is harnessed successfully, the report states, it has the potential to provide over 10% of the predicted electricity needs in 2050; whilst at the same time, helping to reduce greenhouse gas emissions and meet renewable energy targets. The report concludes that the role marine energy could have in the UK energy system is 'currently uncertain', with technology required to make it a reality still in 'early stages' of development and demonstration. Possible scenarios that have been discussed range from very little marine energy to in excess of 20GW in the UK by 2050. It is suggested that if costs are reduced, the UK is 'uniquely well positioned' to capture a considerable market share.